USD/CAD halts its two days of gains, trading around 1.4370 during the Asian hours on Thursday.
USD/CAD loses ground as a result of a downward correction in the US Dollar. The US Dollar Index retreats from its multi-year high of 108.58, reached on Tuesday. The commodity-linked CAD receives support from the improving WTI prices. This downside of the pair could be attributed to the downward correction in the US Dollar. The US Dollar Index , which tracks the value of the US Dollar against six major currencies, trades around 108.30 after pulling back from its multi-year high of 108.
As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down.
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